If you came here searching for a comprehensive guide to getting residency in Dubai in 2023, you are at the right place.
UAE, more so Dubai has always been on people’s radar either for a short vacation or for hitting up a quick business deal and moving back to home country. However, with the recent economic reforms, UAE and Dubai in particular has become a sought after global economic hub that offers access to nearly the entire international market.
Over the past few years, the United Arab Emirates (UAE) has become a confluence of the rich, the powerful and the talented, especially, for HNIs and profitable businesses, thanks to its business friendly policies and taxation regulations.
Since the taxation structure is simple, streamlined and quick to implement thanks to fewer to no government bottlenecks and faster processing, it makes total sense that you would be exploring how to get residency in Dubai in 2023 and operate a successful business.
Let’s dive in to the details.
How to Get Residency in Dubai 2023
There are some clear-cut ways to get residency in Dubai in 2023. In both these scenarios, you get your residency permit within 1 to 2 months after purchasing the property or registering your Company. However, in any of these scenarios, citizenship is out of the question.
Invest in Real Estate and become the owner of a Property
Invest 1 million dirhams or more and become the owner of a lucrative property in Dubai, you will get a residency visa which needs to be renewed every 2 years without the right to work in UAE
Become a resident by registering a Company
When you set up a Company, all company partners are eligible to apply for residency status. Employees too can claim residency with the support of the company.
This is by far the most popular option since entrepreneurs enjoy the perks when it comes to investment and relaxed taxation policies. This must be renewed every 2 years.
Realizing this opportunity, many small medium businesses and in fact, large businesses too are planning to set up a branch office in the UAE. However, with the choice to set up shop in the UAE, there are also factors involving visa complexities – not any more
Now getting residency in the UAE is much less complex and fast paced provided you have the right residency visa by investment experts to guide you along the way.
In this comprehensive guide, we explain how you can go about this entire process and make the complex much easier.
Which are the Different Types of Residency Visas Available in the UAE?
There are several types of residency visas available in the UAE, including:
An investor visa is issued to individuals who have invested a significant amount of money into a business in the UAE. This type of visa is sponsored by the Department of Economic Development. To check your specific requirements, you can get in touch with us.
Read also: Investor Visa in Dubai UAE
An employment visa is issued to individuals who have been offered a job in the UAE. This type of visa is sponsored by the individual’s employer and is tied to their employment status.
A student visa is issued to individuals who are pursuing a full-time course of study in the UAE. This type of visa is sponsored by the educational institution the student is enrolled in.
A family visa is issued to individuals who are the spouses, children, or dependents of a UAE resident. This type of visa is sponsored by the individual’s family member who is already a resident of the UAE.
A retirement visa is issued to individuals who have reached the age of 55 and wish to retire in the UAE. This type of visa is sponsored by the Department of Naturalization and Residency.
A mission visa is issued to individuals who are coming to the UAE for a specific purpose such as diplomatic missions, trade delegations, or media. This type of visa is sponsored by the relevant government authority.
The Golden Visa as the name suggests gives enormous privilege to the Visa holder. It has been created for specific exceptionally talented individuals to enjoy hassle free residence in the UAE.
It is a long-term residence visa, typically, ten years, which enables foreign talents to live, work or study in the UAE while enjoying exclusive benefits, which includes:
- An entry visa for six months with multiple entries to proceed with residence issuance.
- A long-term, renewable residence visa valid for 5 or 10 years
- The privilege of not needing a sponsor
- The ability to stay outside the UAE for more than the standard period of 6 months to keep the Visa valid
- The ability to sponsor family members, including spouses and children of all ages
- The ability to sponsor unlimited number of domestic helpers
- The permit for family members to stay in the UAE until the end of their permit duration, if the primary holder of the Golden visa passes away.
Who is eligible for the Golden Visa?
The qualifying and eligibility criteria will vary depending on the individual’s strength and reason for obtaining Golden Visa. However, these individuals are eligible for Golden Visa with of course varying documentation and recommendation needed in each case.
- Skilled Professionals
- Scientists and Researchers
- Senior Scholars and Clerics
- Elite Specialists in Industry and 4th Industrial Revolution
- Elite Specialists in Health Fields
- Elite Specialists in Education
UAE has clearly positioned itself as an economy ready to grow in this decade. For achieving that goal, it has introduced several new rules aimed at attracting and retaining skilled talent from across the world. The UAE’s 5 year Green Residence Visa is one of those initiatives aimed at making immigration easier for qualified candidates to further improve the job market.
Exceptional talents, skilled professionals, freelancers, investors, and entrepreneurs can now avail the Green Visa if they fulfil the stipulated criteria without the need of a sponsor or employee.
In addition, the Green Residence visa holders will receive benefits to sponsor the residence of family members.
Who is eligible for the UAE Green Visa?
- Foreign investors or Partners: Individuals who have made a significant investment in the UAE, such as buying property or investing in a local business, are eligible for the Green Visa.
- Entrepreneurs: Entrepreneurs who have established a successful business in the UAE and have a strong track record of growth and innovation are eligible for the Green Visa.
- Highly skilled professionals: Professionals in fields such as medicine, engineering, science, and technology are eligible for the Green Visa if they have a proven track record of excellence in their field, in case of employment, equivalent or minimum salary of AED 15000.
- Freelancers or Self Employed individuals with specialized diploma and the evidence of annual income of at least AED 360,000 for two years are eligible for the Green Visa
- Family members: Spouses and children of Green Visa holders are also eligible for the program.
What is the Length of Residency Criteria for Obtaining Residency in the UAE?
The length of residency criteria for obtaining residency in the UAE can vary depending on the specific Free Zone or Emirate in which you reside and your visa type.
In general, all residency visas will expire at 2 years; however, Golden Visa and Green Visa give the individual the privilege to stay for upto 10 years and 5 years respectively.
It’s important to keep in mind that the length of residency criteria for obtaining residency in the UAE can change, so it’s recommended to seek professional advice and keep up to date with the latest information and requirements.
Tax Residence Certificate UAE | Overview of TRC in UAE
Here, in this short but insightful Video where Vibha Malik Modi, Co-founder of Horizon Business Consultancy, shares how you can get your Tax Residency Certificate which is a proof of your residency in the UAE quickly.
Would it be a Hassle to Renew my UAE Residence Visa?
Not at all. In fact, the entire procedure is streamlined and the UAE regulations support Investors and Employees settling down in the UAE helping boost the economy.
The basic procedure to renew a UAE residence visa before its expiry typically involves the following steps:
- Your sponsor or authorized typing center must initiate the renewal process well in time
- A valid passport, recent passport sized photographs and proof of health insurance needs to be submitted
- Bank statements and salary certificates that act as a proof of your financial means and capability are also needed
- Your sponsor must issue a no-objection letter for you
- Of course, then comes paying the fees for renewal along with the application
- The renewal processing application takes two weeks for processing so wait patiently until you hear back
- Once the processing is done, either you collect the renewed visa yourself or get it delivered to your preferred address
Sounds, easy, doesn’t it. Well, it actually is. However, what is crucial is to figure out which type of visa is the most suitable in your case, where to exactly invest and how to on-board employees, if you are looking to set up a business. In addition, what are the sponsor requirements in your specific case, all these questions need clear specific answers and a plan of action.
For unbiased advice on understanding how to get residency in Dubai in 2023, get in touch with experts at Horizon Business Consulting today.